THE IMPACT OF INTEREST RATE ON HOUSING FINANCE IN NIGERIA
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- NGN 3000
ABSTRACT
Housing remains to be a critical and essential sector for nearly all economies around the world as it has connections with several other sectors. Growth in the housing sector can directly lead to employment creation, growth of GDP and a change in the consumption patterns of the economy. Despite the real estate sector being one of the major sectors in Nigeria’s economy, it has largely been affected by erratic Interest Rate. The researcher sought to show case this outcome by demonstrating how Interest Rate affected the financing of housing properties in the period of study. This study employed a descriptive survey to ascertain and describe the features of the variables of interest in a situation. The study population comprised of all the housing real estates in Nigeria. This study employed secondary data, where data on Financing of Housing Properties was extracted from the Hass Property Index, while data on Interest Rate, money supply and GDP growth was extracted from the CBN. The study employed quarterly data for a period of 5 years from 2013-2018 2013 to 2018. A simple regression model was used to analyze the data. The findings established that the relationship between Interest Rate and the housing property index is negative and insignificant while the relationship between economic growth and the housing property index is negative and significant. The findings indicate that the correlation between the housing property index and money supply is positive and significant while the relationship between inflation and the housing property index is positive and insignificant. The study concluded that the levels of Interest Rate have no significant effect on financing of housing properties. The study also concluded that financing of housing properties are significantly affected by inflation, economic growth and money supply. The study recommended that the government through the central bank of Nigeria should institute policies to mitigate the effects of inflation, economic growth and money supply on financing of housing properties in Nigeria.
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